Related Parties |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| Related Parties | Related Parties The Company has entered into various transactions with related parties. The Company’s Board of Directors has members that are employees BDT, to which the Company incurred $0.1 million in compensation expense for both the three months ended September 30, 2026 and 2025, and $0.2 million for both the nine months ended September 30, 2026 and 2025, respectively. These expenses are classified as Selling, general, and administrative expenses - related parties in the Company's Condensed Consolidated Statements of Comprehensive Income. Entities affiliated with BDT hold a controlling interest in a vendor from which the Company purchases raw materials. The Company made purchases of $2.0 million from this vendor for both the three months ended September 30, 2026 and 2025, included in Cost of sales - related parties and $6.0 million and $4.9 million from this vendor during the nine months ended September 30, 2026 and 2025, respectively, included in Inventories, net - related parties. As of both September 30, 2026 and December 31, 2025, the Company had amounts due to this vendor of $1.9 million, included in Accounts payable - related parties in the Condensed Consolidated Balance Sheets. On August 20, 2026, the Company repurchased 3,298,704 shares of its common stock from the underwriters of a secondary public offering of shares held by entities affiliated with BDT, the Company’s principal stockholder, at a price of $22.74 per share, equal to the price paid by the underwriters to the selling stockholder, for an aggregate purchase price of approximately $75.0 million (the “Share Repurchase”). The Company did not sell any shares in the offering and received no proceeds. The Share Repurchase was approved on August 14, 2026 by the Audit Committee and the Special Committee of the Company’s Board of Directors. BDT also participated as an underwriter in the offering, and received the same underwriting discount as the other underwriters, which was borne by the selling stockholder. Refer to Note 16 - Stockholders' Equity for additional information.
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